Angelica Sanchez’s Post

Free Webinar tomorrow: Can the California Cannabis Industry be Saved? Within the dynamic landscape of California, our firm stands at the forefront of an industry facing a pivotal moment of transformation. The challenges and complexities of the cannabis market are vast, presenting both hurdles and opportunities for innovation and regulatory reform. Join us on June 26, 2024, at 12:00 PM Pacific for a discussion about the future of California’s cannabis market. Our firm is proud to host this insightful webinar featuring industry visionaries Griffen Thorne and Hirsh Jain of Ananda Strategy, who will unpack the complexities and potential pathways for revitalizing the state's cannabis industry. Key Webinar Highlights: ✅ Regulatory Insights: Understand how current and proposed policies impact businesses at a granular level, and what it means for the future. ✅ Market Dynamics: A close look at sales trends and performance comparisons. Where does California stand, and what strategic moves can help bolster the industry’s growth? ✅ Taxation and its Tolls: Analyze the high taxation rates, their effect on the industry, and the potential impact of the proposed excise tax increase. ✅ Enforcement Challenges: An examination of enforcement efforts against illegal operations, the role of local control, and the critical need for systemic reform. Why You Should Attend: Valuable Insights: Gain a comprehensive understanding of the challenges and opportunities within the California cannabis market from leading experts. Strategic Directions: Learn about actionable strategies and innovative solutions aimed at promoting a sustainable and profitable legal cannabis market. Event Details: Can the California Cannabis Industry be Saved? 📅 Date: June 26, 2024 ⏲ Time: 12:00 PM Pacific Register Now: https://lnkd.in/gTGMpDvR We look forward to welcoming you to what promises to be an enlightening and forward-thinking discussion. Together, we can work towards a thriving, equitable cannabis future. 💚 #CannabisIndustry #CaliforniaCannabis #RegulatoryInsights #CannabisWebinar #FutureOfCannabis

Adult-Use Cannabis Generates Over $20B in State Tax Revenue Marijuana Policy Project’s new report shows how much tax revenue adult-use cannabis has generated since it began in the first states to do so.

🚨 The IRS has reiterated that cannabis businesses cannot take federal tax deductions available to other industries until a federal rule reschedules cannabis. Despite the move to potentially shift cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA), Section 280E still applies. The IRS stated, "Until a final federal rule is published, cannabis remains a Schedule I controlled substance and is subject to the limitations of the Internal Revenue Code." This advisory highlights the ongoing challenges faced by the cannabis industry regarding federal taxes. Businesses like Trulieve, which applied for a $113 million 280E refund, and others like TerrAscend and Ascend Wellness, expecting refunds, may not see their claims validated under the current law. The IRS is addressing these claims, but the law, as it stands, disallows deductions or credits for businesses involved in what remains federally classified as illegal drug trafficking. This reminder underscores the complex legal landscape for the cannabis industry as it awaits potential rescheduling and the implications for federal taxation. 🌿💼 #CannabisIndustry #IRSRules #TaxDeductions #CannabisReform #280E #TheHigherPath

A report by the Minority Cannabis Business Association claims the cannabis industry could create over 50,000 jobs by 2030 if the federal government reschedules cannabis from Schedule I to Schedule III. This change would ease restrictions and lift tax burdens, like the Section 280E tax code that prohibits deductions for cannabis companies. “Our comprehensive survey and detailed economic analysis projects that rescheduling and the resulting [tax] reform would result in the creation of 55,500 jobs by 2030, generating as much as $2.7 billion in wages and $5.6 billion in new economic activity. We therefore encourage DEA to act with deliberate speed in publishing a final rule moving marijuana to schedule III.” — Statement signed by Johnson and McClary Easley, in the report #cannabisindustry #jobgrowth #cannabisnews

One more example of why it is crucially important to demand a "slower roll" with regard to the issue of Cannabis Rescheduling. The Controlled Substances Act is an established law, passed by Congress & signed by a President. It's as "iron clad" as it gets. All those who believe that the Federal Bureaucracies will work this out in a way that benefits the industry are going to woefully mistaken. "Rules" are largely worthless and "The Federal Government will never" is no guarantee at all & certainly a risk we should not be willing to take. Cannabis is a highly contentious issue with most of the country. Whatever path the Federal Government takes? It better have the full force of the law behind it, and we need to have every question answered BEFORE anything is voted on. Which, BTW? Should be the Congress in the form of a Bill that is sent the President's office for signature. Otherwise? The industry will descend into chaos while the infighting, politicking, & uncertainty continues to destabilize our fragile progress. We can't take that risk. Let's hit the "pause" button, get real answers to all our questions, and pass a law that allows our industry to continue to grow. But these sorts of bureaucratic "pissing matches" & "turf wars" at this early stage does not bode well for the future of our industry! MJBiz New Jersey Cannabis Trade Association (NJCTA) New Jersey CannaBusiness Association VICE News CNN Dave Charnick Caleb Teske Benzinga Cannabis #cannabis #cannabisindustry #cannabisbusiness https://lnkd.in/e3_VD22n

Big news for the cannabis industry: Earlier this week, the DEA announced its plan to reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act. This historic change will reshape the market dynamics and legal framework of the cannabis industry, and now is the time to start thinking about how you can adapt your business strategy to take advantage of the new possibilities and avoid the pitfalls. Check out Withum's latest cannabis article for more information. #Withum #Cannabis #280E

🌿 Exciting News for the Cannabis Industry (despite the negative stigma)🌿 🏛️DOJ Recommends Reclassifying Cannabis: The Department of Justice recommended reclassifying cannabis from Schedule 1 to Schedule 3, signaling potential changes in regulations, lending, and growth opportunities for the industry. 🌳Impact on Real Estate: Cannabis businesses face challenges accessing commercial properties due to banking restrictions and zoning disparities, impacting their growth potential and pushing them into less desirable locations with higher rents. 💰Tax Relief and Business Opportunities: Reclassification could provide relief from the heavy tax burden under Section 280E, potentially reducing effective tax rates for legal cannabis businesses from 80% to around 20%, encouraging further industry growth and legitimacy.

Where do those cannabis tax dollars go? 🤔 A great read to help gain an insight into what happens after consumers make a cannabis purchase! 🍃 Should every state publish these findings? #cannabis #cannabisnews #cannabisculture https://lnkd.in/eqpy494Q

Since legalizing in 2016, California has experienced rampant rate failure across its licensed cannabis companies. The State of California also has some of the highest and most aggressive cannabis taxes in the nation. In an effort to stave off the California Department of Tax and Fee Administration’s (CDTFA) latest round of rulemaking that would, among other things, extend cannabis excise taxes to cannabis accessories, Catalyst Cannabis Co. is in a complex challenge with CDTFA over its rulemaking authority. 🎙️In this podcast episode, Husch Blackwell's Hilary Bricken and Anthony Almaz, General Counsel for Catalyst Cannabis, explore this potential crucial fight between the industry and California’s top tax regulator: https://lnkd.in/gf3r74iE

🌿 Cannabis Rescheduling FAQ: What Now? 🌿 The DEA’s proposal to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA) is a significant development, though the process is still ongoing and could face various challenges before finalization. While this move aligns with the Department of Health and Human Services’ (HHS) recommendations, it does not legalize cannabis federally. 🚀 Jonathan Havens, managing partner at Saul Ewing, emphasizes the importance of this potential change, highlighting it as the most significant federal reform since the CSA’s enactment. He notes that the rulemaking process is swift by Washington standards but still complex, with a public comment period and potential legal challenges expected. 💼 Rescheduling cannabis to Schedule III would alleviate some restrictions, notably removing the burdensome Internal Revenue Code Section 280E, allowing state-legal cannabis companies to take standard business tax deductions. However, it won’t fully integrate cannabis into the legal framework enjoyed by other industries like alcohol and tobacco. ⚖️ Legal experts like Sander Zagzebski caution that Schedule III reclassification won’t immediately normalize cannabis business operations. The industry would still face regulatory challenges, and banking legislation such as the SAFER Banking Act remains crucial. While rescheduling marks progress, comprehensive federal legalization and regulatory clarity are still needed. 📈 As a Cannabis Franchise Broker with Cannabis10X, I see this as a pivotal moment. We have numerous red-hot opportunities in the cannabis market. Reach out to me directly to capitalize on this rapidly growing sector and secure your investment in the future of cannabis. 🌱 #CannabisIndustry #CannabisInvestment #CannabisRescheduling #CannabisBusiness #CannabisReform Orginal art by: HaraLine Cannabis10X 5